How To Maximise Your Pension

Saving for retirement through a pension is one of the most important financial decisions you will ever make. With careful planning, you can aim to have saved enough for an enjoyable retirement and enjoy the fruits of your labour. To help you stay on track with meeting your goals, Hilltop Financial Planning has compiled some useful tips to show you how to maximise your potential pension savings.

How to maximise your pension

If you ever wanted to know how to maximise your pension, you’re in the right place. The following hints and tips will go a long way towards helping you to boost your pension and enjoy a long and happy retirement.

Start saving as early as possible

If you want to maximise your pension savings, the earlier you start saving, the better. Starting to save early gives you a huge advantage of compound interest, which essentially allows you to earn interest on your investment and on any returns it generates. Over time, compound interest can make a huge difference in how much pension income you can expect when it comes to retirement. It’s also never too late to invest in a pension, and even a few years of investing can have a huge impact on your retirement pot. So act now and start saving as soon as you possibly can.

Check in and review your pension

It’s important to keep an eye on how your pension is performing to ensure you’re on track to achieve your retirement goals. Regularly reviewing your pension will help you ensure it is properly invested and potentially growing at a good rate.. Hilltop Financial Planning offers a comprehensive pension review service to help you make informed decisions about how your pension is invested, to potentially help boost your pension savings.

Review provider fees

Provider fees can greatly impact how much money you will have in retirement, so it’s important to review them regularly. Many pension providers charge a fee for managing your investments, so it is crucial to ensure that these fees are reasonable and in line with the returns you’re getting. Getting an assessment with a pension adviser can help to potentially reduce your fees and get the best deal for you.

Consolidate your pensions

Consolidating your pensions can help you to maximise your pension savings and get the most out of them. By transferring all of your pensions to one provider, you could reduce charges, make it easier to track your pension, and potentially improve performance by moving your money from lesser performing funds. Pension Consolidation isn’t right for everyone, so speaking with an adviser should always be a first step.

Maximise employer contributions

Most employers now offer a workplace pension through auto-enrolment, it’s important to make the most of it. Many employers will match your contributions to a certain percentage. So it pays to maximise how much you’re contributing to get the most out of this perk. If there is any wriggle room, and subject to affordability, to put more of your salary into your pension, speak to your employer to see if they might consider matching your higher contributions.

Pay in a lump sum (when affordable)

When finances allow, paying lump sums into your pension can be a good idea. Lump sums to a certain limit are subject to tax relief, making them a worthwhile investment. Paying in a bonus, for example, can give you a much-needed pension boost and maximise your retirement income. It’s a good idea to speak to a financial adviser who can help you to understand how much you can afford to pay and how it will impact your pension savings.

Understand pension taxes

Taxes can greatly impact how much money you will have in retirement, so it’s important to understand how they work. However, pension tax rules are complex and can change often. So it’s vital to stay up-to-date with how your pension is taxed. Hilltop’s comprehensive pension advice can help you understand how your pension is taxed. You’ll be better placed to maximise your pension with a better understanding of the tax landscape.

Don’t dip into your pension pot

Dipping into your pension pot at the earliest possible opportunity can be tempting. However, taking too much money out of your pension in the early years of retirement could leave you with less money later when unexpected costs like care fees might come into play. So, wherever possible, try to leave your pension pot untouched for as long as you can. This will allow your investments to grow to their full potential. Your future self will thank you.

Maximise your pension with Hilltop

Making the most of your pension is vital to ensure you have enough retirement income. However, it can be difficult to know how best to maximise your pension and how to stay up-to-date with changes in taxation, so it pays to seek professional advice. Hilltop Financial Planning offers comprehensive pension advice to help you boost your pension savings, and our experienced advisers can talk you through how to maximise your pension pot effectively.

If you’d like pension advice or to arrange a consultation, please contact us on 0161 413 7051.

Important information: Our website offers information about investing and saving, but not personal advice. If you’re not sure which services are right for you, please request advice from Hilltop’s independent financial advisers. Remember that investments can go up and down in value, so you could get back less than you put in.

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